On December 20th, Alibaba announced that Wu Yongming, CEO of Alibaba Group and Chairman of Taotian Group, will also serve as CEO of Taotian Group.
Alibaba Group Chairman Cai Chongxin stated in a letter to all members that Wu Yongming, who took over as CEO of Alibaba Group for three months, has clarified the strategic focus and priority choices of the entire group, made resolute choices around the main business, and comprehensively promoted the reform of the management team's youthfulness. Having Wu Yongming concurrently serve as the number one position for Alibaba Cloud and Taotian will help to lead Taotian's transformation through technological innovation, and ensure the group's unified command and high-intensity continuous investment in the two strategic focuses of e-commerce and cloud.
Cai Chongxin stated that next, we will fully utilize a young management team that has been trained and emerged at the grassroots level, creating an innovative environment for young people.
Cai Chongxin also stated that in order to optimize the return on capital and enhance shareholder value, the Group's Capital Management Committee has authorized the establishment of an asset management company. Dai Shan will assist the group in establishing an Alibaba Group Asset Management Company and forming a professional management team. Preparing for the Group Asset Management Company is a new business function after Alibaba's transformation, which requires a pioneering spirit and strong organizational structure capabilities. Dai Shan will fully leverage her expertise to continue creating value for the company.